The White House will release the details of its long awaited infrastructure plan today, fulfilling a campaign promise of President Donald Trump. The proposal includes $200 billion in federal infrastructure spending over a decade.

In spite of the recent correction, I am not seeing the beginning of any new long term bear market for stock index futures.

CURRENCY FUTURES

The U.S. dollar is lower as flight to quality longs are liquidated in light of higher stock index futures.

In the longer term, lower prices are likely for the greenback, as interest rate differential expectations are likely to undermine the U.S. dollar.

The euro currency is higher due to the belief that the European Central Bank will remove some of its accommodation later this year and may actually hike interest rates in the first quarter of 2019.

The main trend for the currency of the euro zone is higher.

The Canadian dollar and the Australian dollar, the commodity currencies, are stronger as a result of higher crude oil prices.

INTEREST RATE MARKET FUTURES

In the overnight trade the thirty year Treasury bond futures fell to the lowest levels since April 2015, although there has been some recovery.

Also, yields on 10 year Treasuries were at their highest level since January 2014.

The probability of a fed funds rate increase at the FOMCs March 21 policy meeting is 75%, which is unchanged from Friday.

The long term trend for futures is lower, especially for the thirty year Treasury bond futures.

SUPPORT AND RESISTANCE

March 18 S&P 500

Support 2618.00 Resistance 2659.00

March 18 U.S. Dollar Index

Support 89.840 Resistance 90.400

March 18 Euro Currency

Support 1.22550 Resistance 1.23360

March 18 Japanese Yen

Support .92000 Resistance .92450

March 18 Canadian Dollar

Support .79310 Resistance .79810

March 18 Australian Dollar

Support .7803 Resistance .7845

March 18 Thirty Year Treasury Bonds

Support 143^0 Resistance 144^20

April 18 Gold

Support 1314.0Resistance 1333.0

March 18 Copper

Support 3.0400 Resistance 3.1000

March 18 Crude Oil

Support 59.03 Resistance 60.95

For more information about these markets, please contact Alan at 312.242.7911 or via email at alan.bush@admis.com. Thank you.

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About the author

Alan Bush has been a commodity analyst since 1976 focusing on the fundamental and technical aspects of stock index, interest rate and foreign currency markets. He has authored several articles for Stocks Futures and Options magazine and produced the “Futures Tech Focus” program, which is a technically based market outlook.

Alan served on the faculty of Oakton College as instructor of a course entitled, “Principles of Technical Analysis.” He has been interviewed on many national television programs, appearing on the Nightly Business Report, CNBC, CNN Moneyline, Reuters Television and Web FN. In addition, he has been frequently quoted in The Wall Street Journal, USA Today, The Bond Buyer and the Chicago Tribune and has been regularly interviewed on Chicago’s WMAQ radio business reports.

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